Wednesday, March 22, 2023

By 2025, Europe Is Predicted to Account for 33% of Growth in Recruiting Software

By 2025, Europe Is Predicted to Account for 33% of Growth in Recruiting Software

According to the research report, Recruitment Software Market witnessed a YOY growth of 4.74% in 2020 at a CAGR of 5% during the forecast period. The report is segmented by deployment (on-premises and SaaS-based) and geography (North America, Europe, APAC, South America, and MEA).

Vendor Insights 

The recruitment Software Market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. 

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.   

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Accenture Plc
  • Cognizant Technology Solutions Corp.
  • Hireku Inc.
  • International Business Machines Corp.
  • iCIMS Inc.
  • Microsoft Corp.
  • Oracle Corp.
  • Saba Software Inc.
  • SAP SE
  • Zoho Corp. 

Geographical Market Analysis 

Europe will provide maximum growth opportunities in Recruitment Software market during the forecast period. According to our research report, the region will contribute to 33% of the global market growth.

Another region experiencing significant market expansion in North America. The demand for recruiting software in North America is predicted to rise as businesses move toward automation, the number of start-ups increases and job opportunities expand, particularly in nations like the United States and Canada.

Furthermore, countries such as the US, UK, Australia, Germany, and France are expected to emerge as prominent markets for Recruitment Software Market during the forecast period. 

Key Segment Analysis

During the projected period, the on-premises segment will gain considerable market share in recruiting software. The company will need more hardware and network infrastructure as the number of candidates grows. As a result, more money will be invested in this type of solution. Additionally, businesses that use on-premises recruitment software will be accountable for keeping a data backup and having a disaster recovery strategy. The share of on-premises recruiting software is likely to fall during the projection period as SMEs increasingly move to SaaS-based recruitment software.

Key Market Drivers & Challenges: 

The improved communication capabilities and productivity of recruiters are one of the primary elements driving growth in the recruitment software market. Recruitment tools such as Lumesse’s Talent Acquisition Experience Platform and IBM’s Kenexa Talent Acquisition Suite assist businesses in quickly filtering, ranking, and storing candidate data. It also makes tracking the application’s progress easier and more efficient. Recruiters need software to ensure quick response times and interact efficiently with both their own teams and applicants during the hiring process.

However, the danger of open-source recruiting software will be a major challenge for the recruitment software industry. 

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